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If you’re shopping for a car in the Waterbury area, you may be wondering: “Is buy here, pay here a good idea?” If you have challenged credit, this form of financing can work in your favor. What is buy here, pay here financing? Find out whether buy here, pay here car lots are reputable and what the possible pros and cons are in this guide from the finance team at Honda of Watertown.
Buy here, pay here financing is when the dealer takes on the role of both seller and lender, meaning you’ll make payments to the dealer instead of a bank or another financial institution. Are buy here, pay here car lots reputable? If you are shopping for a used vehicle, there are several advantages to in-house car financing, depending on your individual situation. Here are a few examples:
Are buy here, pay here car lots bad? No, but you should keep in mind that this form of financing isn’t for everyone. Here are a couple of potential disadvantages you should take into consideration:
Is buy here, pay here a good idea? It can be if you have less-than-deal credit, as it offers advantages that may not be available through a more traditional lender. At our dealership near Southbury and Torrington, we can help you secure a payment plan that will work with your budget so you can get behind the wheel of the vehicle you need today. Find out if paying off your car loan early is right for you. Feel free to contact us to learn more.
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